Zeal Reports Growth in Earnings for Q1
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ZEAL Network SE has reported an increase in earnings for the first quarter of 2019, despite being hit by a drop in revenue. During the quarter, ZEAL delivered 182,000 new registered customers for the Group and its partners.
With a 16% year-on-year reduction in costs, ZEAL delivered a 26.3% increase in Adjusted EBIT to €11.6m. This cost reduction included a €2.2m decrease in personnel expenses and €3.0m reduction in other operating expenses such as consulting services and hedging. The Group expects to implement further synergies and reduction in costs before exceptional items during 2019 as it prepares to transform its business. ZEAL’s net cash position improved from 36.2% to €102.1m.
Jonas Mattsson, CFO, ZEAL, said: “We delivered a positive EBIT performance, reduced our cost base and further improved our net cash position. These results highlight the strong position we have created for ZEAL and set us up well as we prepare to complete our acquisition of Lotto24. I look forward to next week’s reunification of ZEAL and Lotto24 and, together, building our Group’s future.”
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